Weekly Top Crypto News (March 27 - April 2)
CFTC has filed a lawsuit against Binance for allegedly violating trading and derivatives rules, including offering, entering into, and confirming the execution of off-exchange commodity futures transactions and transacting in off-exchange transactions in commodity options. CFTC lawsuit also alleges the exchange traded on their platform with 300 accounts directly or indirectly associated with CEO CZ.
On March 28, dYdX will launch a private testnet of its Cosmos-based blockchain. The dYdX private testnet will be operational for two to three weeks. Following that, by the end of July, a public testnet will be launched. This is the second project after SushiSwap to announce the migration from Ethereum to Cosmos.
MacroStrategy, a subsidiary of MicroStrategy, has fully repaid its $205 million loan to Silvergate Bank, with Bitcoin serving as collateral. The loan had a floating interest rate of 8.27%, and MacroStrategy was required to maintain a loan-to-collateral value ratio of less than 50%. MicroStrategy and its subsidiaries acquired approximately 6,455 bitcoins for $150 million, bringing their total holdings to 138,955 bitcoins acquired at an average price of $29,817 per bitcoin.
Justin Sun, the Ambassador of Grenada to the World Trade Organization, will step down from his position effective March 31, 2023. Sun expressed his gratitude for the experiences and support he received in office and planned to return to his career as a public servant, focusing on the digital economy and crypto regulation.
During his tenure, Sun achieved significant progress on various fronts, from negotiations to policy advocacy, and expressed his sincere appreciation to all the WTO members for their support and collaboration.
Ronin Network has marked a return to allowing RON staking. Ronin also launched five game projects developed on this sidechain. Users can choose to delegate RON tokens to the network’s 22 validators to help them validate transactions.
Polygon launches its zero-knowledge Ethereum Virtual Machine (zkEVM) beta to the public, which is expected to be one of the hottest blockchain trends of 2023. Polygon’s zkEVM is designed to enhance the Ethereum Virtual Machine programming environment by providing a platform for developers to innovate and experiment with zero-knowledge solutions.
Safemoon, a BNB chain-based exchange, has been hacked. An exploiter was able to burn the bulk of SFM tokens in the Safemoon liquidity pool, artificially boosting the token’s price and allowing the contract’s WBNB to be drained in a single transaction. The deployer contract launched the update, which raised the prospect of an admin key leak.
Luxury brand Gucci announces partnership with Yuga Labs to explore the interplay between fashion and entertainment in the Metaverse.
Gucci will play a role in the continuation of the Otherside and 10KTF saga. The fashion house will participate in Yuga Labs’ Metaverse game this week. Last year, Gucci and 10KTF launched “Gucci Grail.”
Sam Bankman-Fried will enter a not-guilty plea to accusations of attempting to circumvent campaign finance regulations. He earlier pled not guilty to eight counts of fraud and conspiracy and is scheduled to stand trial in October. Bankman-Fried is now charged with 13 counts.
FTX Europe subsidiary Finance Magnates has created a new website for its customers to withdraw balances from the platform. This website only provides fiat withdrawals without any other service. The site allows former European FTX customers to submit withdrawal requests starting March 30.
Terraform Labs founder Do Kwon is in jail in Montenegro awaiting indictment for alleged document forgery. The jail conditions are grim and overcrowded, with small, crowded rooms housing up to 11 people with no beds. Kwon has not yet been found guilty of any crime and is entitled to a fair trial.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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